IRA Workshops: Essentials and Advanced
Topics & Objectives

Please note that the Topics/Objectives listed below are subject to change.

DAY ONE:

IRA ESSENTIALS

Fundamentals

• Understand the importance of retirement savings to your members and your credit union
• Identify the differences between traditional and Roth IRAs
• Know the process for establishing an IRA

Contributions

• Learn about contribution limits and deadlines
• Identify the eligibility requirements for traditional and Roth IRA contributions

Distributions

• Discuss the process for removing funds from traditional and Roth IRAs
• Identify IRS penalties and their exceptions
• Learn when it’s necessary to withhold income taxes
• Discover when owners are required to remove their IRA funds

Transfers and Rollovers

• Identify the differences between a rollover and a direct transfer
• Know what to do when the money comes from a qualified retirement plan instead of an IRA

Tax Reporting

• Review the basic tax reports that IRA owners receive, such as forms 5498 and 1099-R

DAY TWO:

ADVANCED IRA ISSUES

Contributions

• Identify the different types of contributions that can be made to traditional and Roth IRAs
• Explore rollover contributions, the automatic waiver of the 60-day rule, and traditional IRA to Roth IRA conversions
• Understand how and when these contributions are reported to the IRA owner and the IRS

Distributions

• Understand the tax consequences of distributions from traditional and Roth IRAs
• Define an excess contribution as well as a recharacterization
• Know how to report distributions to the IRA owner and the IRS

Required Minimum Distributions

• Learn when to use the Uniform Lifetime Table and the Joint Life Expectancy Table
• Understand the tax reporting requirements for required minimum distributions

Processing a Death Claim

• Examine the steps involved in the death claim process.